Deficit reduction signals Ireland’s potential – Standish

Desmond Mac Intyre said: “It is our view that the Irish economy has the ability to grow out of recession.”

Mac Intyre, speaking at an event hosted by BNY Mellon in New York, said that Ireland had reduced its deficit below 10% in 2011, while growing its GDP by 0.9%. Although unemployment remains high, savings, export and foreign direct investment have increased.

“Standish expects this growth to continue into 2012, with medium to high expectations ranging from between negative 0.1% to positive 1.0%,” he said. “While the country is clearly not yet firing on all cylinders, there is likely to be growth nonetheless.”